Swiss canton, Zug accepts tax payments in crypto
18 Feb 2021
Zug in Switzerland is now permitting residents to pay taxes using cryptocurrencies such as Bitcoin and Ether.
Local crypto broker Bitcoin Suisse enabled the opportunity together with the canton Zug, and announced the cryptocurrency payment options would be launched this week.
The Zug administration placed an official memo for the tax payment option on its official website, along with in-depth instructions for paying tax bills using cryptocurrency, Cointelegraph reports.
According to Bitcoin Suisse: “This step forward for crypto adoption has been enabled by the pioneering work from the Zug cantonal tax office using the Bitcoin Suisse Crypto Payments solution. It is yet another sign of innovation in Blockchain Nation CH.”
The canton of Zug first announced plans to begin accepting crypto for tax payments in September last year, with the payment option offered to local companies and individuals.
According to a Bloomberg report at the time: “Tax settlement by means of crypto currency will be available to both companies and private individuals up to an amount of 100,000 Swiss francs.”
Known as the “Crypto Valley” due to its positive viewpoint on crypto, the canton of Zug began experimenting with crypto payments back in 2016.
Indeed, the city of Zug trialled Bitcoin payments for public services five years ago, with a payment limit of 200 francs.
Zug is not the first place in Switzerland to support payments using cryptocurrencies. Zermatt, located in the canton of Valais introduced a Bitcoin tax payment option along with Bitcoin Suisse in January last year.
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